We should strive to leave them an estate with no unpleasant surprises. They don’t need details, but if we’ve been living off Social Security and the proceeds of a reverse mortgage, our heirs shouldn’t be expecting an inheritance that will put their children through Harvard. Pleasant surprises, like a half million dollars left in the IRA are okay.
Donny Hrubes
1 year ago
Sure thing. Leaving some sort of estate for the future generations is always a nice gesture to them.
Also, passing on some knowledge to help them navigate a complex world is a nice gesture.
Talking and planting seeds of interest at an early age and then helping water the resultant growth to fruition should be contemplated before even having kids I feel. When they have families and need a little guidance, a parent could help, perhaps showing with an online calculator the magic of 8% compound growth over 30 years, then discus that in a Roth IRA. Then telling them “look at just 15 years of investment of the minimum what you could leave to your wife if you died” That’s insurance!
Wisdom has to be shared for progress to happen.
Also, I’ve printed the story Jonathan Clements told of his very wealthy ancesstor in England and the result of all that and put the copy with my estate plan.
But, we all know you can talk to a brick all you want and it just won’t listen. But, when you see your offspring doing a few things the way you would in life, you receive a huge blessing!
booch221
1 year ago
Have a will and keep it updated.
Attach a personal financial inventory to your will listing all your assets and liabilities, (real estate, bank, credit union, mutual funds, IRAs 401s, loans, credit cards, insurance policies, utilities, etc.) with account numbers and contact information.
Make sure you list beneficiaries on all your accounts (IRA, 401, savings, checking, etc.)
Give a copy of these to the executor of your estate. It will make their job a lot easier.
Last edited 1 year ago by booch221
Christopher Viscomi
1 year ago
My death should not be a burden to my descendants. So I try to make sure my wishes are written and known, I have a will, a POA and health care proxy. I have all assets with clear beneficiaries to avoid probate. My one uncertainty: what to do with a car so that it can be sold or transferred without probate.
It depends the on the “floor” when assets become subject to probate. I can’t recall, but I suspect the title could reflect a POD or TOD.
Ben Rodriguez
1 year ago
Obligation is a strong word, but I think I’d consider myself a failure if I didn’t leave an inheritance for my heirs. “A good man leaves an inheritance to his childrens’ children.” Proverbs 13:22
Nicholas Clements
1 year ago
I feel my primary obligation is to have all my affairs in order and that I leave a sufficient inheritance for my husband to continue to live comfortably.
Author
Jonathan Clements
1 year ago
At a bare minimum, I think everybody should ensure their financial affairs are reasonably well-organized, and that they have a will and the right beneficiaries listed on retirement accounts and life insurance. We can’t all afford to leave heaps of money to our family. But we should make sure we don’t bequeath a mess that’ll make their lives miserable.
R Quinn
1 year ago
I see an obligation to children as important provided parents do not deprive themselves in retirement.
obligations?
none whatsoever.
We should strive to leave them an estate with no unpleasant surprises. They don’t need details, but if we’ve been living off Social Security and the proceeds of a reverse mortgage, our heirs shouldn’t be expecting an inheritance that will put their children through Harvard. Pleasant surprises, like a half million dollars left in the IRA are okay.
Sure thing. Leaving some sort of estate for the future generations is always a nice gesture to them.
Also, passing on some knowledge to help them navigate a complex world is a nice gesture.
Talking and planting seeds of interest at an early age and then helping water the resultant growth to fruition should be contemplated before even having kids I feel. When they have families and need a little guidance, a parent could help, perhaps showing with an online calculator the magic of 8% compound growth over 30 years, then discus that in a Roth IRA. Then telling them “look at just 15 years of investment of the minimum what you could leave to your wife if you died” That’s insurance!
Wisdom has to be shared for progress to happen.
Also, I’ve printed the story Jonathan Clements told of his very wealthy ancesstor in England and the result of all that and put the copy with my estate plan.
But, we all know you can talk to a brick all you want and it just won’t listen. But, when you see your offspring doing a few things the way you would in life, you receive a huge blessing!
My death should not be a burden to my descendants. So I try to make sure my wishes are written and known, I have a will, a POA and health care proxy. I have all assets with clear beneficiaries to avoid probate. My one uncertainty: what to do with a car so that it can be sold or transferred without probate.
It depends the on the “floor” when assets become subject to probate. I can’t recall, but I suspect the title could reflect a POD or TOD.
Obligation is a strong word, but I think I’d consider myself a failure if I didn’t leave an inheritance for my heirs. “A good man leaves an inheritance to his childrens’ children.” Proverbs 13:22
I feel my primary obligation is to have all my affairs in order and that I leave a sufficient inheritance for my husband to continue to live comfortably.
At a bare minimum, I think everybody should ensure their financial affairs are reasonably well-organized, and that they have a will and the right beneficiaries listed on retirement accounts and life insurance. We can’t all afford to leave heaps of money to our family. But we should make sure we don’t bequeath a mess that’ll make their lives miserable.
I see an obligation to children as important provided parents do not deprive themselves in retirement.